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New Zealand giving $10.3 billion stimulus to rescue economy

Christian Fernsby |
New Zealand today announced one of the largest per capita stimulus packages in the world, amounting to 4 per cent of its gross domestic product, in an attempt to soften the negative economic impact from the coronavirus outbreak.

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Topics: NEW ZEALAND   

The NZ$12 billion (S$10.3 billion) package was larger than that implemented during the global financial crisis, and bigger as a proportion of GDP than those announced by countries like Australia and Singapore, the authorities said.

"The government is pulling out all the stops to protect the health of New Zealanders and the health of our economy," Prime Minister Jacinda Ardern said in a news conference.

The New Zealand stock exchange reacted swiftly to the fiscal stimulus, with the bourse reversing a fall of more than 5 per cent.


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